Top Six Resources to Track Down Unclaimed Money
Discover how to find unclaimed money through top resources like government agencies, banks, and the IRS. Learn what unclaimed funds are, common reasons they remain unclaimed, and where to search for them. This guide provides essential tips for reclaiming lost assets such as savings bonds, retirement benefits, tax refunds, and insurance proceeds, ensuring you can recover funds owed to you efficiently.
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Finding unexpected cash, like a forgotten $20 bill, can be a pleasant surprise. Even better is discovering a larger sum of funds that belong to you but are temporarily unclaimed. Approximately 10% of Americans have unclaimed property or funds waiting to be claimed. To locate these assets, it’s important to understand what unclaimed funds are and where to search for them.
What Are Unclaimed Funds?
These are assets that become unclaimed when a company, government agency, or financial institution cannot reach the owner of funds or property.
Such funds are usually handed over to government authorities after a specific period, remaining there until the rightful owner submits a claim. Common cases include dormant bank accounts, forgotten bonds, unpaid wages, insurance refunds, property from failed financial institutions, and retirement assets like 401(k)s.
How to Locate Unclaimed Funds?
Reach out to government agencies for assistance in finding unclaimed property and assets:
National Registry of Unclaimed Retirement Benefits
If you've changed jobs and forgotten about old retirement accounts, check the National Registry for Unclaimed Retirement Benefits. It helps former employees locate unclaimed pension and retirement funds.
Federal Deposit Insurance Corporation (FDIC)
Unclaimed funds from closed banks, such as deposit refunds, dividends, or escrow balances, can be found via the FDIC’s website. Similarly, the National Credit Union Administration helps locate unclaimed funds from failed credit unions.
State Tax Departments
If you’ve moved and didn’t update your address, tax refunds might become unclaimed. The National Association of Unclaimed Property Administrators offers a tool to search unclaimed state tax refunds where you previously resided.
Internal Revenue Service (IRS)
Unclaimed tax refunds are common due to address errors or account changes. Contact the IRS to track any unclaimed income tax refunds that may be owed to you.
U.S. Department of the Treasury
If you believe you lost savings bonds or other assets, consult the Treasury’s Bureau of the Fiscal Service. You might need to submit Form 1048 to claim unclaimed bonds or funds. Unclaimed IRS refunds are transferred here if not claimed within three years.
Social Security Administration
Recently deceased relatives may have life insurance benefits or unclaimed policies. The SSA can assist in locating unclaimed life insurance proceeds or claims from demutualized policies.
